A Mom's Life: You're young, healthy and not exactly rich - but you still need a will

Jul. 15, 2013

Written by

Amy Lorentzen

Special to the Register

Everyday living can be so hectic that many parents, including me, neglect to plan for what could happen if they aren’t around to care for their family.

My husband and I have talked about making a will since our first child was born more than four years ago, but somehow we still haven’t gotten around to it. So I decided to find out how costly and labor-intensive it is to make a will, and hopefully get on track for putting our final wishes on paper.

First off, we’re not alone. According to online legal news site and directory www.findlaw.com, nearly 70 percent of Americans don’t have a will. So, set the guilt trip aside if you don’t have one yet.

You may be asking: Why do you need even need a will if you don’t have tons of money?

Probably the biggest plus for young families is that it can make handing over even a small estate to a spouse or children go much more smoothly. If necessary, it would assist in naming a guardian and provide for distribution of funds for your youngsters. It can also make transferring property and avoiding some taxes a lot easier.

If you don’t have a will, the courts in Iowa would give what you have to your spouse, then children in the event of your death. But, if you would want to help your family avoid legal hangups, you’ll want a will.

Jerry Foxhoven, director of the Drake Legal Clinic, also points out that if you die while your family is young, it might be due to an accident, and there may be a lawsuit and a settlement.

“Your estate may be huge. It could be millions of dollars,” he said.

You and your spouse/partner could be together, potentially leaving your children without parents. You’ll want to have clear instructions for the courts on who you believe will best care for your offspring.

You’ll also want some control over any money that will go to your children. Do you really want an 18-year-old blowing his or her inheritance in a few months? Or, would you like it given in installments as the child matures?

Don’t be intimated by the will-making process, says Foxhoven. Most lawyers keep it simple and have you in and out of the office in two meetings, one to prepare the will and the other to go over it.

You can call around and compare prices to find an attorney who fits within your budget and your needs. Expect to pay anywhere from $150 to $500, depending on the complexity of your will.

“I think people get scared off. They think ‘this is going to cost me a fortune,’ ” Foxhoven said. “A lot of lawyers don’t charge a lot of money for a simple will because they want to be that person’s family lawyer, and you’ve created that legal relationship.”

He says if you don’t have the money now to pay for a will but want help in planning, you can look into legal aid or check into volunteer lawyer projects and legal clinics.

Foxhoven is not a fan of online wills, and cautions people using them to make sure they qualify in Iowa and meet all your planning needs. They can be very generic, he said, and might not ask the right questions of you — such as “What would you want to happen ‘if’?” he said.

I talked with a couple of acquaintances with young children who made wills over the past couple of years. One did an online will and another went the traditional route and got a family lawyer. Both advised that you should have settled who you’ll name as executor and guardian, plus backups, before you start the process.

The online will-maker points out that you’ll need to arrange for witnesses to sign it to make it official. And, if you have any tricky circumstances such as dividing property, you’ll want to go the professional route instead of hassling with online forms.

The mom who hired a professional said it was a simple process. But, she added, it’s a rather morbid task, so leave the kids at home when you visit the attorney’s office.